JPMorgan does not expect a bull run for Bitcoin over the medium term based on the BTC-to-gold volatility ratio.
As Bitcoin (BTC) price failed to hold its breath above the $35,000 yesterday, JPMorgan expects an overall bearish movement below the critical price level based on the BTC-to-gold volatility ratio.
In a note sent to investors on Wednesday, JPMorgan detailed its reasoning to see the fair value of Bitcoin between $23,000–$35,000 over the medium term. The banking giant previously pictured a $140,000 roadmap if the biggest cryptocurrency matches gold’s allocation and volatility profile.
Source:
https://cointelegraph.com/news/institutions-have-no-appetite-for-bitcoin-at-this-price-level-jpmorgan